Azerbaijan ratifies new oil contract with BP
The Milli Majlis (parliament) of Azerbaijan has ratified a PSA (production sharing agreement) contract on holding joint geological exploration work on potentially promising structures located on the shallow part around the Absheron peninsula in the Azerbaijani sector of the Caspian Sea.
The contract has been signed between SOCAR (State Oil Company of Azerbaijan) and BP.
Informing the MPs about the contract, the vice-speaker of the Milli Majlis Valeh Alasgarov said that the contract will cover three stages, namely initial exploration, main exploration, development and production.
He said that the contract period is 23 years. Depending on the progress of work, this period may be extended, Alasgarov said.